Beyond Credit Repair: Why Check Your Credit Report?

Checking your credit report is a crucial part of credit repair. But, if you’re not repairing your credit right now, do you still need to check your credit report? The answer is yes. There are several reasons beyond credit repair that you should check your credit report.

To make sure you’re not a victim of identity theft. One of the reasons the Federal government gave consumers the right to a free credit report was to allow us to easily detect cases of identity theft. Without access to credit reports, it could take months, or even years to discover a case of identity theft. You should check your credit report at least once a year to make sure you haven’t been a victim of identity theft or credit card fraud.

To make sure everything on your credit report is accurate. Much of the credit reporting system is electronic, but that doesn’t mean the system is flawless. Numbers can easily be transposed and someone else’s negative credit information could end up on your credit report. With one keystroke, your last payment could inadvertently be reported as late when it was really on time. Checking your credit report often gives you a chance to catch these types of errors before they cause too much damage.

To gauge whether you qualify for a credit card or loan. Credit card issuers and lenders use your credit report to decide whether to approve or decline your application. If you have negative information on your credit report, such as an unpaid bill, you could have your application denied. If you’re preparing to apply for a major credit card or loan in the near future, check your credit report to see if there’s anything on there that would keep you from getting approved.

You’re about to apply for a job. Employers are increasingly using credit reports in the job screening process. Checking your credit report before the employer does gives you a chance to explain anything on your credit report that may keep you from getting the job. Otherwise, you’d be completely surprised if the employer brings up an account you didn’t realize was on your report. If you’re currently unemployed and you’re planning to look for a job soon, you’re entitled to a free copy of your credit report.

Because your credit report is free. We’re all entitled to one free credit report each year from the free credit bureaus. That means three free credit reports each year. There’s no reason not to order your credit report if you don’t have to pay a single penny for it. You can order this free credit report from AnnualCreditReport.com.

There’s no damage to your credit when you check your credit report, so you don’t have to fear a drop in your credit score resulting from your own credit check. As long as you go through one of the credit bureaus or AnnualCreditReport.com, you’re safe. However, if you ask a lender to run your credit, you may be hit with an inquiry and that will hurt your credit score.

Similar Posts:

• How to Do a Credit Checkup
• Where to Find Free and Cheap Credit Reports and Scores
• How Can You Get a Free Credit Score
• Legal Access to Credit Reports: Who Has It?
• Why You Need to Order Your Free Annual Credit Reports